Bank of Japan hikes interest rate to 31-year high (opens original article in a new tab)

Japan's central bank increased interest rates to a 31-year high as it addresses inflation linked to the Middle East conflict and global economic pressures.

• Bank of Japan raised interest rates by 25 basis points to 1.0 percent, the highest since 1995.
• The rate hike aims to combat inflation driven by the Middle East war and rising global oil prices.
• Japan's yen weakened due to oil price increases and interest rate gaps with the US.